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Or were those fake loans that they had to qualify for using lending guidelines that are in place to make sure that money isn’t given to people who can’t “afford” to pay it back?

Most of the homeowners I speak with have paid their mortgage on time up until their loan adjusted. Yes, they new the risk of taking and adjustable mortgage, but they were told 99% of the time by licensed professionals, “Don’t worry in 2 years we’ll just refinance you out of that terrible loan into a new fixed mortgage. Please, sign here sir.” I bet if these same licensed professionals said, “You’ll never be able to get out of this toxic loan. The payment will go up 50% in two years and the bank will foreclose on you, ruining your credit for another 7 and kicking you, your wife, 3 kids, dog and goldfish on the street.”

How many people do you think would have taken the loan then? My guess is, is very few.

This is beyond that now. It’s affecting our entire economy and it’s just begun. If you want a full on recession, then I suggest Congress follow your path.

Oh, and it’s beyond debt and collections. More people are being ruined credit wise by this then anytime in history.

Foreclosure usually equals about 6 months of free rent. Until then, pay off the credit cards with that money and then find someplace to live that you can afford.

Living in a house isn’t a right, sorry.
If you don’t have any equity in a house, you don’t have anything anyway, except a very expensive rent payment.

I am sorry that you are in a tight situation, but it’s not right to blame anbody else for your debts.

Oh ya.. don’t pay off 5 year old medical collections, it will lower your credit score if you do.

A broken (ARM) . I like that analogy A rate decrease will do nothing for most of the homeowners that are in these adjustable rate mortgages. Underwriting guidelinEs now are just too tough. A rate cut by the fed isn’t going to fix these broken ARM’s. We need mandated loan modifications to happen.

The loan programs of the past are gone and I don’t see any new, innovative refinance programs coming out anytime soon. So let’s hope congress makes lenders fix these toxic ARM’s fast!

Best of Luck!

Moe

Who is your boss? Seems like he somewhat know what to do in these situations. Even though it was a little extreme. However the claims of the foreclosure not being reported are terrible advice. I have never seen a foreclosure not reported. Also, walking money to do a deed in lieu with your lender, is something I haven’t seen either. I have heard about it and I know it has happened in the past but not now. Imagine if everyone said, “We’re walking away and we’ll make it easy on you, if you just give us some cash to do so.” 2 million people would be at their enders door step waiting for checks. I just don’t see this approach happening at all.

Have you looked into the FHA Secure loan? Or just an FHA refinance? What state are you in?

Join my forum at http://www.LoanSafe.org and let your voice be heard! Good luck with your loan modification!

Moe

I also have a(broken)ARM,and I was wondering when and if the rates are lowered on 9-18,what range would I be looking at if by some chance I were to have my loan modified?

The only way I see keeping my loan/home is if the lender shows mercy and offers me a really a good rate,but I just don’t see these lenders bending over backwards to give us adequate assistance. Moe,what are your thoughts in regards to a best possible rate scenario or range, both
now and perhaps after the 18th?

I could tell you this much,some of these lenders are already talking about loan programs that might be available on the 18th. But unless my monthly mortgage /rate is affordable,it does me no good in the long run. Your,thoughts?

I called also mortgage brokers which want 3-4 points and can give me an interest rate between 7-11%-but you see the 11 percent is a fixed rate!-A fixed rate I can’t pay and is nearly as high as the max on my ARM!
The other scenario is to pay my 5 year old medical collections from when I broke my neck without health insurance because my boss back then was to cheap to offer some. (I broke my neck on the way to work-by the way-fell asleep in the car because I was overworked)-But I would have to pay that in cash because the value of my house dropped so I can’t get cash-out which is 90% LTV. Another company says NO because my husband owes child support -which we are paying timely since 3 years.

Another company says my 590 credit score is too low even though my husband has a 660 credit score. My score is low because I have used money from credit cards to pay the mortgage on time. Denied because to high of a debt ratio. But the loan modification does not seem to take credit card debt into account-so I did not here the decision yet I am waiting they said they would call in a few days but nobody did call-but I can see they might say we make enough money or to little. But we can complain and complain but what can we do to change that? Where can I go which group to join-there must be a way-that is America!